Posted on 08 December 2009 by Laxman | Email|Print
From Straitstimes.com: A new agreement that is set to boost the growth of Islamic banking was inked between Singapore and Bahrain on Monday.
The Monetary Authority of Singapore and the Central Bank of Bahrain (CBB) signed a Memorandum of Understanding (MOU) at the 16th World Islamic Banking Conference (WIBC) plenary session in Bahrain on Monday morning, designed to improve supervisory cooperation and information-sharing between the two organisations……………………………..Full Article: Source
Posted on 08 December 2009 by Laxman | Email|Print
From Arabianbusiness.com: Abu Dhabi Islamic Bank plans to develop Sharia wealth management opportunities in Asia, with Malaysia, Indonesia and Singapore seen as the fastest-growing markets, a top official said on Monday.
Speaking on the sidelines of an Islamic banking conference in Bahrain, Malik Sarwar, the bank’s executive vice president for global wealth management said: “Ethical investing has now become a norm and Islamic banking and wealth management to us is the next level of ethical because there is a spiritual element to that.”…………………………….Full Article: Source
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From Arabianbusiness.com: Bahrain-based Islamic lender Ithmaar will hold its planned rights issue in January, and has no exposure to Dubai’s debt, its chief executive said on Monday.
Ithmaar said it would raise $400-$500 million through a mixture of a rights issue, worth around $200 million, a convertible Islamic bond and a credit call option to shore up its balance sheet……………………………..Full Article: Source
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From Gulf-daily-news.com: UK Islamic finance leaders have called for a positive outlook in the coming year despite the adverse economic climate.
“I am confident that the UK as a global centre of financial activity, has the right level of expertise and a proven track record of developing UK Islamic financial products and services that can be utilised more than ever,” said British Ambassador Jamie Bowden at the opening of the event……………………………..Full Article: Source
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UK Trade and Investment is leading an 18 strong delegation of UK Islamic finance organisations to the 16th Annual The World Islamic Banking Conference.
While financial markets have been tested this year UK Islamic financial organisations remain positive that business continues and they remain committed to strengthening their partnerships with the Gulf region more than ever……………………………..Full Press Release: Source
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From Globalarabnetwork.com: The 2009/2010 WIBC Competitiveness Report was launched at the 16th Annual World Islamic Banking Conference (WIBC) on the 7th of December 2009 at the Gulf Hotel in Bahrain.
Produced in collaboration with McKinsey & Company, the Competitiveness Report highlights recent developments in Islamic finance, with specific chapters dedicated to liquidity management in the Gulf region, North Africa’s Islamic banking landscape and Islamic investment management……………………………..Full Article: Source
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From Tradearabia.com: More than 1,200 international delegates from over 50 countries gathered in Bahrain today (December 7) at the opening of the 16th annual World Islamic Banking Conference (WIBC 2009).
The conference will discuss new strategies for the global Islamic finance industry in light of the new economic realities that are emerging in a changing business landscape, said a statement……………………………..Full Article: Source
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From Ameinfo.com: The world’s largest gathering of Islamic finance leaders have arrived in Bahrain for the 16th Annual World Islamic Banking Conference (WIBC 2009).
The event highlights the Kingdom’s position as a leading global hub for the international Islamic banking and finance industry, according to Shaikh Mohammed bin Essa Al Khalifa, Chief Executive of Bahrain’s Economic Development Board (EDB)……………………………..Full Article: Source
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From Channelnewsasia.com: Singapore will be hosting the first Asian edition of the World Islamic Banking Conference (Asia WIBC) in June next year.
This was disclosed by the Monetary Authority of Singapore’s managing director, Heng Swee Kiat, at the 16th WIBC in Bahrain……………………………..Full Article: Source
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From Thejakartapost.com: The central bank is optimistic that Islamic banking in the country will continue to accelerate in 2010 as the economy gears toward recovery and new policies support the industry.
“The growth of Islamic banking in 2010 is expected to increase further ,” Bank Indonesia (BI) acting governor Darmin Nasution said, delivered by BI deputy governor Budi Mulya, in a seminar on the prospect of Indonesia’s Islamic banking Monday……………………………..Full Article: Source
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From Austrade.gov.au: A high-level Malaysian Islamic finance delegation will be conducting Islamic finance seminars in Melbourne today and Sydney on Monday.
The delegation will be meeting with the Australian Treasury, Australia’s industry regulators and other Australian government agencies, financial services associations and hold industry seminars, co-hosted by Austrade and the Victorian and NSW Governments……………………………..Full Article: Source
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From Cpifinancial.net: The Investment Dar Co. (TID) presented a comprehensive restructuring plan to reschedule and restructure TID’s financial arrangements with its wider bank and investor group in Kuwait and Dubai.
The proposed restructuring plan follows a period of due diligence conducted by the Coordinating Committee and its advisors in close cooperation with TID and constructive discussions on the proposed restructuring plan between the parties, ensuring that amicable solution to all parties is met equally……………………………..Full Article: Source
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From Maktoob.com: Kuwait’s Investment Dar, part owner of British luxury carmaker Aston Martin, said Monday it reached a preliminary deal with creditors to restructure about 1 billion Kuwaiti dinars ($3.5 billion) of debt over five years.
“The proposed plan is based on a restructuring of the existing financial arrangements with scheduled amortization over a five year period,” Dar said in an emailed statement……………………………..Full Article: Source
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From Zawya.com: Gatehouse Bank plc, the wholesale Islamic bank based in the UK, will launch a Shariah-compliant Structured Trade Finance Fund in early 2010 with wholesale Islamic market intermediary company DDCAP Limited to invest capital in structured trade finance transactions in order to inject new flows of capital into the global marketplace.
Currently, as a result of the credit crisis, many Western banks operating in this sector are restricted in their trade finance activities and the creation of a Islamic fund to service this sector would have worldwide benefits, providing liquidity to a market that has been seriously constrained……………………………..Full Article: Source
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From Bloomberg: Nakheel PJSC creditors may win the right to seize a strip of barren waterfront land the size of Manhattan if the company defaults on the $3.5 billion bond backing the development.
Investors will be able to seek foreclosure on the property’s mortgages should the Dubai World unit fail to repay the loan, according to the bond’s prospectus. The debt is due on Dec. 14, after which Nakheel has two weeks to remedy a default……………………………..Full Article: Source
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From Bloomberg: Dubai World, the state-owned holding company that’s in talks to renegotiate $26 billion of debt, may sell assets in the United Arab Emirates and abroad to repay its borrowings, a government official said.
Asset sales are normal to shore up finances in such circumstances, Abdulrahman Al Saleh, director general of Dubai’s Department of Finance and head of the government fund that’s leading the restructuring of Dubai World, said yesterday in an interview with Al Jazeera television……………………………..Full Article: Source
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From Nytimes.com: As Dubai World and its creditors steel themselves for weeks of tough negotiations over the conglomerate’s debt, some foreign investors say they have enough support to force the company into a default and lay claim to its most prized assets.
This go-for-broke strategy is being led by QVT, an $8.5 billion activist fund with a reputation for taking leading roles in complicated bankruptcy-driven situations……………………………..Full Article: Source
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From Tradearabia.com: With no government backing for the debt standstill of Dubai World and Nakheel and with Abu Dhabi not yet showing up for the rescue, refinancing on international markets will be more expensive or impossible, says a report.
Matching increased costs of capital with growing economic activity will be challenging in the prevailing global environment, said Eckart Woertz, program manager economics,
Gulf Research Center, a Dubai-based independent research institute, in a report entitled ‘Implications of Dubai’s Debt Troubles’……………………………..Full Article: Source
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From Timesonline.co.uk: Dubai World’s six biggest lending banks have begun talks with the ailing state-owned group before a crunch creditors’ meeting that is scheduled for December 21.
Four British-listed banks — HSBC, Royal Bank of Scotland, Lloyds Banking Group and Standard Chartered — and two local lenders — Emirates National Bank of Dubai and Abu Dhabi Commercial Bank — met NM Rothschild and Deloitte, Dubai World’s advisers, in the Gulf State yesterday……………………………..Full Article: Source
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From Civilsociety.co.uk: Fund manager Prime Rate Capital Management has launched its first shariah-compliant liquidity fund.
The Islamic liquidity fund will offer a pooling mechanism that can be used for investment of overnight, call and short-term cash surpluses. It will invest in commodity Murabaha transactions and be made available in pounds, dollars or euros……………………………..Full Article: Source
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From Arabianbusiness.com: Qatari investment bank QInvest is confident of Middle East investor appetite for its joint $200 million shipping fund with Fortis Bank Nederland despite the Dubai debt crisis, QInvest officials said on Monday.
QInvest and Fortis Bank Nederland have each committed $50 million to the five-year mezzanine fund, which will comply with Islamic law and aims to provide financing to investors and ship owners hit hard by the global downturn……………………………..Full Article: Source
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From Ameinfo.com: Kuwait-based Noor Financial Investment Co. (NOOR) has announced plans to launch a Shariah-compliant real estate fund for public subscription, in partnership with Al Riyada Finance and Investment, KUNA has reported.
The KD50m fund’s dividends are to be reimbursed in monthly payments ranging between 6% and 8% on an annual basis, the firm said……………………………..Full Article: Source
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From Tradearabia.com: Al Salam Bank-Bahrain said it has designed a Takaful-principle-based credit card following extensive research and studies conducted by the Bank’s team, and would soon launch it in the market.
The Bank has successfully obtained the necessary legislative approvals for this unique product from both the Central Bank of Bahrain and the Bank’s Shari’a Supervisory Board, and is now working for its launch……………………………..Full Article: Source
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From Theedgemalaysia.com: The Emkay Group sub-subsidiary Joyful Gateway Sdn Bhd has secured a RM120 million Islamic term loan financing from RHB Islamic Bank Bhd for the construction of a Shell shared service centre here.
Joyful Gateway is a 60:40 joint venture company between Emkay subsidiary MKN Embassy Development Sdn Bhd and Lucky Cottage Sdn Bhd……………………………..Full Article: Source
Posted on 08 December 2009 by Laxman | Email|Print
From Ameinfo.com: With its continuous interest in offering all the appropriate banking services and products to its customers of various age groups, Bahrain Islamic Bank (BisB), the first Islamic bank in Bahrain, has announced the launch of the new Vevo savings account for youngsters in the 15-25 years age group.
The account was launched under the slogan “Your Account. Your future. Vevo. It’s all yours.”…………………………….Full Article: Source
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From Gulf-times.com: QIB has been awarded the 2009 Best Islamic Financial Institution in Qatar by Global Finance Magazine.
According to a bank communiqué, the award recognised QIB’s successes in international finance. QIB is the largest Shariah-compliant bank in Qatar……………………………..Full Article: Source
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From Arabfinance.com: The value of mergers and acquisitions deals dropped by 54 percent in the Middle East and North Africa in the third quarter from a year earlier, Ernst & Young said in a report on Monday.
In the third quarter of this year, the value of disclosed M&A deals declined to $7.14 billion, against $15.64 billion in the same period of 2008, the advisory services firm said in an emailed statement……………………………..Full Article: Source
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